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How to Expedite the 1040 Review Process and Remove the Reviewer Bottleneck

  • Accountant
  • AFSP
  • CRTP
  • CPA (US)
  • EA
  • ORTP
  • MRTP
  • CFIRS
  • CWS
  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Course Description

For the second year in a row, tax season has been brutal.  With legislation changing mid-season and additional PPP loan opportunities requiring your attention, the workload was amplified…again. Add to it the pressure of finding time in your day to sell advisory services to clients and have high value conversations.

The stakes are high.

Tax season is THE best time to gain new business when you have your clients’ attention, yet you are literally buried in work.

There has been much emphasis in recent years on streamlining the 1040 preparation process. With more firms scanning and auto-populating returns, and even outsourcing them, much of the front-end preparation can be done very quickly. On the backend of the process, delivery and signatures have also been automated.

Despite automation on the front end and back end of the tax workflow, partners and senior advisors are still spending dozens of hours during tax season on detailed 1040 reviews. Hours that could be more profitable if spent on higher value client engagements.

The review bottleneck can be eliminated.

Every return must be double-checked and put through some level of quality control before final sign off. In most firms, managers and partners (the highest billing rates in the firm) are doing cursory (if the return is simple) or detailed reviews before finalizing. In a profession that is in the midst of a shift from compliance to advisory services and facing a talent gap, workflow efficiency and the acceleration of development are critical success factors for firms.

CPAs and tax practitioners must have the bandwidth for higher value client engagements, but the traditional review process of manually ticking, tying and recalculating is time-consuming, expensive, and a bottleneck in many firms.

The review process has evolved beyond checklists and manually double-checking inputs. In this online CE course, we will explore how to set expectations and leverage tools, technology, and talent to alleviate the bottleneck and liberate partners from detailed 1040 reviews, adding bandwidth for a successful transition to advisory services.

Learning Objectives

  • To describe how you can turn the 1040 review into a revenue generating advisory opportunity.
  • To describe how to offload the detail 1040 review from partners and managers and increase senior level bandwidth.
  • To determine the opportunity cost of 1040 reviews in your firm.
  • To identify a process and tools for reviewing 1040 returns efficiently.

Recommended For

  • This IRS-Approved CE course is recommended for CPAs, EAs, AFSPs, and Other Tax Professionals desiring to learn how they can expedite their 1040 review process and remove the reviewer bottleneck to have more time during tax season for high value conversations. 

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Annual Filing Season Program
  • Bookkeepers & Accountants & Tax Preparers
  • California Registered Tax Professional
  • Certified Public Accountant (CPA)
  • CPA - Large Firm
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Enrolled Agent
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Senior Accountant
  • Tax Attorney
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 1 CE Credit of Taxes for Enrolled Agents (EA) (Approval No. GEHNZ-T-00653-21-O)
  • 1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 1 CE Credit of Federal Tax Related Matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0619)
  • 1 CE Credit of Taxes for Annual Filing Season Program (AFSP)
  • 1 CE Credit of Federal Tax Related Matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00653-21-O)
  • 1 CE Credit of Federal Tax Related Matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00653-21-O)
  • 1 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 1 CE Credit for Certified Wealth Strategist (CWS)
  • 1 General Credit for Accountant/Bookkeeper/Tax Professionals

Additional details

  • Course Level :
    Basic
  • Credits :
    1
  • Instructional Method :
    Group Internet Based
  • Pre-requisites :
    None
  • Advance Preparation :
    None

IRS APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

CTEC APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

Presenter

About Presenter

Janel Sykora

Chief Operating Officer, TaxExact, Inc.

Janel is an experienced B2B sales and marketing expert with over 25 years of experience helping corporate giants generate millions in sales.

Revenue growth is in Janel's DNA. At its foundation, she believes profitable growth in public accounting firms starts with the right technology for driving maximum efficiency into the tax compliance process. Done correctly, capacity can be gained for business development and sales strategy.

Janel helps firms transform their tax compliance processes to support their business vision. She also teaches firms how to create and implement marketing and sales strategies that drive profitable growth without adding resources.

Most of her career has been focused on the FinTech and SaaS space, with the past several years dedicated to working in the accounting space. She brings a strategic approach to marketing and sales leadership to TaxExact. Also a mom to 2 teenage daughters (and 4 more of the canine variety), Janel enjoys spending time with family or on the Peloton when not working.

About Company

TaxExact, Inc.

taxexact.com/

TaxExact, Inc. was founded in 2020 to transform the 1040 review process and help tax professionals gain time and tools to identify advisory opportunities.

TaxExact is the only tax verification tool on the market that transforms the review process and reduces staff burnout. Until now, the focus has largely been on automating the tax preparation process. This patent pending technology works seamlessly with your existing tax software to shorten the entire 1040 review process for tax professionals. 

TaxExact verifies the accuracy of every return, dramatically reduces review time, and develops staff to increase retention. With an intuitive user experience and built in workflow, you’ll also be able to identify key indicators in a return that can lead to advisory services.

About Presenter

Guillermo Rodriguez, CPA (US)

Director, TaxExact, Inc.

Guillermo brings over 20 years of tax and accounting business management, information technology, and advisory experience to TaxExact. He has worked with hundreds of firms to design and implement solutions that have accelerated their transition to advisory services. Guillermo’s expertise in firm processes, technology, and automation goes beyond consulting. He engages directly with firms to understand their specific needs and goals, and then he makes it happen. When not working, Guillermo enjoys traveling abroad and dancing salsa.

About Company

TaxExact, Inc.

taxexact.com/

TaxExact, Inc. was founded in 2020 to transform the 1040 review process and help tax professionals gain time and tools to identify advisory opportunities.

TaxExact is the only tax verification tool on the market that transforms the review process and reduces staff burnout. Until now, the focus has largely been on automating the tax preparation process. This patent pending technology works seamlessly with your existing tax software to shorten the entire 1040 review process for tax professionals. 

TaxExact verifies the accuracy of every return, dramatically reduces review time, and develops staff to increase retention. With an intuitive user experience and built in workflow, you’ll also be able to identify key indicators in a return that can lead to advisory services.

Faq

FAQs content

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Ratings and Review

4.2

262 Ratings

Excellent

116

Very Good

104

Average

30

Poor

9

Terrible

3

AT

Ardella Thomas, EA

Oct 20th, 2021

Good information about re-looking at depreciations that you were not allowed but because of tax law changes you can tax now.

PWF

Peter W Fierro, CPA (US)

Sep 1st, 2021

I don't review a lot of 1040's, but I still enjoyed the program.

IV

Insook Voigt

Sep 1st, 2021

The lecture is well prepared by the knowledgeable speakers

BK

Breann Klinginsmith, CPA (US)

Oct 21st, 2021

Informative webinar regarding tax preparation and review.

RMP

Rahul Menon P, EA

Nov 3rd, 2021

It was well structured and informative

1040 Review Process

FREE

1 Credit

Subject Area

Taxes

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